Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $2,600,950.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Chi Fung Cheng also recently made the following trade(s):

• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.57, for a total transaction of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $46.34 on Friday. The stock has a market cap of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The firm has a 50 day moving average price of $63.41 and a 200 day moving average price of $52.91.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Barclays lifted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $74.90.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $3,948,000. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.